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Depending on the chosen budget, one can decide the type of property. If you are an end-user, the size of your family, along with the budget can be a determining factor while choosing the type of house you need. There is a wide range to choose from today as the market abounds in various housing formats from 1, 2, 3 and 4BHK apartments, to studios, villas and row houses, to builder floors and independent houses. Multi-storey projects and township with all amenities in one project clubhouse, swimming pool, meditation center, health clubs, departmental stores, schools, cinemas, sports facilities and banquet/party halls are what most end-users are looking at today. Source: E-book
Until the draft real estate regulation bill outlines the obligations of project delivery, buyers will have to rely on their rights laid out in their booking agreements. First and foremost, buyers should scrutinize the project and the background of the developer. If possible, they must hire a real estate consultancy firm who has market expertise and is known for unbiased consulting. In addition, an investor has the right to ask for the copies of approvals of the project, if not buying during a soft launch stage. You must ask for detailed construction schedules and negotiate for penalty clause in case of delay of project. Refunds can be claimed if a project is delayed beyond the period stipulated in the Builder Buyer Agreement by filing a case in the consumer court. Source: CreditVidya, credit advisory firm helping borrowers on credit and debt management. Done
Valuation of property simply means arriving at the actual prevailing cost of the property. It could depend upon number of parameters, location of property being the most important one. One needs to consider other parameters such as age of property, projects available, facilities offered and the sizes available in that project. The latest transaction price of a similar property needs to be considered to arrive at the closest value of the given property. Source: Openhouse (MB Expert)
It is ideal to get the valuation done by a certified valuer for the house as per the ongoing rates. The property valuation reports can be obtained from the architects or a certified valuation expert. Source: MB Legal Expert (OpenHouse- Atulay)
Check for proper conveyance of Title in favour of the builder.
- Check the license/development right/approvals of the builder.
- Check clear and marketable title of the project.
- Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
- Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
- Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between plinth area and carpet area is reasonable.
- Ask for Occupation/Completion Certificate.
- Ensure the Conveyance Deed is registered after the entire payment has been made.
- For buying a property you need to check Deed of Conveyance, Mutation Certificate (for complete property), Land Registration Status, Sanction Plan, Search Report and Payment Schedule (for under construction). It is a must that you go through all the documents relating to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety and Completion Certificate.
- For re-sale property, check demand notice relating to renovation, tax dues and latest receipts of payments made towards various out-goings such as water, electricity and ground rent.
A Sale Deed is a document prepared on the basis of previous ownership document for the transfer of property from seller to buyer, providing the buyer the absolute and undisputed ownership of property. Source: CreditVidya, credit advisory firm helping borrowers on credit and debt management. Done
During the transfer of property from one to another, the stamp paper and registration fee has to be paid which is equivalent to 7 to 8 per cent of the value of the property or those of circle rates. These rates are the notified rates of a particular area set by the government on which the registration charges on the value of the property are calculated. The circle rates can be seen on government registration and stamp department websites of each city. Source: MB Legal Expert (Atulay Nehra - Openhouse)